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Exhibit 21.1
ASSET-BACKED FINANCING FACILITY
Advanta Business Services Corp., as Servicer
Monthly Servicer Certificate
Collection Period: December 1, 2000 - December 31, 2000
Settlement Date: 16-Jan-01
A. SERIES INFORMATION
Advanta Leasing Receivables Corp. IV and
Advanta Leasing Receivables Corp. V
Equipment Receivables Asset-Backed Notes,
Series 1998-1
I. SERIES INFORMATION INCLUDING PLEDGED PROPERTY CONVEYED
(a.) Beginning Aggregate Contract Principal Balance ("ACPB") ....................................... $ 97,416,494.33
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(b.) Contract Principal Balance of all Collections allocable to Contracts .. $ 6,717,373.12
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(c.) Contract Principal Balance of Charged-Off Contracts ................... $ 333,743.48
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(d.) Total decline in Principal Balance ............................................................. $ 7,051,116.60
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(e.) Ending Aggregate Contract Principal Balance of all Contracts as of
this Settlement Date ........................................................................... $ 90,365,377.73
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BALANCES ON THIS SETTLEMENT DATE AFTER PAYMENT ON THE
RELATED PAYMENT DATE
(f.) Class A Principal Balance as of this Settlement Date ........................................... $ 79,810,636.91
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(Class A Note Factor) ............................... 0.2409741
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(g1.) Class A-1 Principal Balance .(Note Factor) .......... 0.0000000 --
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(g2.) Class A-2 Principal Balance . (Note Factor) ......... 0.0558455 $ 10,610,636.91
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(g3.) Class A-3 Principal Balance . (Note Factor) ......... 1.0000000 $ 23,300,000.00
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(g4.) Class A-4 Principal Balance . (Note Factor) ......... 1.0000000 $ 45,900,000.00
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(h.) Class B Principal Balance as of this Settlement Date ........................................... $ 1,029,730.18
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(Class B Note Factor) ............................... 0.0543738
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(i.) Class C Principal Balance as of this Settlement Date ........................................... $ --
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(Class C Note Factor) ............................... 0.0000000
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(l.) Class D Principal Balance as of this Settlement Date ........................................... $ 9,525,010.64
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(Class D Note Factor) ............................... 0.6349878
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II. COMPLIANCE RATIOS
(a.) Aggregate Contract Balance Remaining ("CBR") of
all Contracts as of the related Calculation Date ............................................... $ 97,147,166.74
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(b1.) % of CBR 31 days or more delinquent as of the related
Calculation Date ............................................................................... 6.11%
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(b2.) Preceeding Month %: ................................. Nov-00 5.35%
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(b3.) 2nd Preceeding Month %: ............................. Oct-00 5.09%
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(b4.) Three month rolling average % of CBR 31 days
or more delinquent ............................................................................. 5.52%
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(c.) Does the three month rolling average % of CBR which are 31 days
or more delinquent exceed 10.5% ? . Y or N. .................................................... NO
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(Amortization Period Only)
(d) Cumulative Net Loss Percentage as of the related Collection Period ............................. 2.87%
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Does the Cumulative Net Loss Percentage exceed
(d1.) 4.0 % from the Beginning Period to and including 12th Collection Period ? Y or N .............. N/A
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(d2.) 5.5 % from 13th Collection Period to and including 24th Collection Period ? Y or N ............. NO
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(d3.) 7.0 % from 25th Collection Period and thereafter ? Y or N ...................................... N/A
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(If Yes to e1 or e2 or e3, then a Residual Event occurs)
(e1.) Residual Realization for the related Collection Period > 100% (YES/NO) ........................ YES
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(e2.) Preceeding Month: Nov-00 > 100% (YES/NO) ................. YES
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(e3.) 2nd Preceeding Month: Oct-00 > 100% (YES/NO) ................. YES
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(e4.) Three month rolling average Residual Realization Ratio > 100% (YES/NO) ........................ YES
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(If less than 100%, then a Residual Event Occurs)
III. FLOW OF FUNDS
The amount of available funds on deposit in the Series 1998-1 Facility Account ........ $ 8,201,428.87
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(1) On the Payment Date which is also the Amortization Date and each Payment
Date thereafter
(a.) To the Servicer, Unrecoverable Servicer Advances ...................................... --
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(b.) To the Servicer, if ABS is not the Servicer, Servicing
Fee and Ancillary Servicing Income, if any ............................................ ---------------
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To Series 1998-1 Noteholders:
(c.) To Class A, the total Class A Note Interest and
Class A Overdue Interest for the related period. ............................................... $ 425,541.00
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Interest on Class A-1 Notes ................................. $ --
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Interest on Class A-2 Notes ................................. $ 81,665.16
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Interest on Class A-3 Notes ................................. $ 115,140.83
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Interest on Class A-4 Notes ................................. $ 228,735.00
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(d.) Interest on Class B Notes for the related period. .............................................. $ 9,420.97
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(e.) Interest on Class C Notes for the related period. .............................................. $ --
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(f.) To Series 1998-1 Noteholders:
To Class A, the total Principal Payment and Class A Overdue Principal,
if any .................. ...................................................................... 6,227,541.13
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Principal Payment to Class A-1 Noteholders .................. N/A
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Principal Payment to Class A-2 Noteholders .................. $ 6,227,541.13
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Principal Payment to Class A-3 Noteholders .................. N/A
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Principal Payment to Class A-4 Noteholders .................. N/A
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To Class B for Principal Payment and Overdue Principal, if any ................................. 823,575.47
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To Class C for Principal Payment and Overdue Principal, if any ................................. --
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(g) Overdue Principal (included in the Principal Payments
per above, if any):
To Class A, total for Overdue Principal .............................. N/A
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Overdue Principal to Class A-1 ............. N/A
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Overdue Principal to Class A-2 ............. N/A
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Overdue Principal to Class A-3 ............. N/A
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Overdue Principal to Class A-4 ............. N/A
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To Class B for Overdue Principal ..................................... N/A
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To Class C for Overdue Principal ..................................... N/A
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(h1.) Until the Reserve Account Funding Date:
To the Reserve Account, the amount equal to the Servicing Fee
otherwise payable to ABS ......... ............................................................. N/A
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(h2.) After the Reserve Account Funding Date:
To the Servicer, ABS, the Servicing Fee plus Ancillary Servicing
Income, if any ................ ................................................................ 81,180.41
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(i.) To the Reserve Account, the amount needed to increase the amount on
deposit in the Reserve Account to the Required Reserve Amount for
such Payment Date .............................................. ............................... N/A
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(j.) Upon the occurrence of a Residual Event the lesser of:
(j1.) (A) the Available Funds remaining on deposit in the
Facility Account and ................................................. N/A
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(j2.) (B) the aggregate amount of Residual Receipts
included in Available Funds .......................................... N/A
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(j3.) To be deposited to the Residual Account ........................................................ N/A
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(k.) To Class D Noteholders for Principal Payment ................................................... --
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(l.) To Class D Noteholders for Overdue Principal, if any ........................................... N/A
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(3) To ABS, the Servicing Fee previously due, but deposited to
the Reserve Account ................................................................... $ --
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(4) To the Trustee to Fund the Servicer Conversion
Expense Account .......................................................................
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(5) To the Series Obligors, as holders of the Residual Interest,
any Available Funds remaining on deposit in the
Facility Account .......................................... ........................... $ 634,169.89
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IV. SERVICER ADVANCES
(a.) Aggregate amount of Servicer Advances at the beginning of the related
Collection Period ............................................................................. 1,821,427.98
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(b.) Servicer Advances reimbursed during the related Collection Period .............................. 53,904.34
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(c.) Amount of unreimbursed Servicer Advances to be reimbursed on the
Settlement Date ................................................................................ --
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(d.) Servicer Advances made during the related Collection Period .................................... 163,936.49
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(e.) Aggregate amount of Servicer Advances at the end of the Collection
Period . ...................................................................................... $ 1,931,460.13
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V. RESERVE ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period ............................ $ 3,600,000.00
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(b.) Amounts used to cover shortfalls, if any, for the related
Collection Period ............................................................................. $ --
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(c.) Amounts transferred from the Facility Account, if applicable ................................... $ --
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(d.) Interest earned on Reserve Balance ............................................................. $ 19,340.91
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(e.) Reserve Account Ending Balance before calculating Required
Reserve Amount ................................................................................. $ 3,619,340.91
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(f.) Required Reserve Amount needed as of the related Collection Period ............................. $ 3,600,000.00
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(g1.) If (f) is greater than (e), then amount of shortfall ........................................... 0.00
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(g2.) If (e) is greater than (f), then excess amount to be transferred
to the Series Obligors ........ ................................................................ 19,340.91
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(h.) Amounts on deposit as of this Settlement Date (e minus g2) ..................................... $ 3,600,000.00
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VI. RESIDUAL ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period ............................ 0.00
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(b.) Amounts transferred from the Facility Account .................................................. 0.00
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(c.) Amounts used to cover shortfalls for the related Collection Period ............................. 0.00
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(d.) Amount on deposit as of this Settlement Date ................................................... 0.00
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VII. ADDITIONAL PROPERTY FUNDING ACCOUNT
(a.) Amount on deposit at the beginning of the related Collection Period ............................ 0.00
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(b.) Amounts transferred from the Facility Account .................................................. 0.00
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(c.) Amounts transferred to the Series Obligors ..................................................... 0.00
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(d.) Amount on deposit as of this Settlement Date ................................................... 0.00
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VIII. ADVANCE PAYMENTS
(a.) Beginning aggregate Advance Payments ........................................................... $ 1,586,865.27
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(b.) Amount of Advance Payments collected during the related
Collection Period .............................................................................. $ 799,065.95
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(c.) Investment earnings for the related Collection Period .......................................... $ 11,378.79
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(d.) Amount of Advance Payments withdrawn for deposit into Facility Account ......................... $ 1,125,651.95
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(e.) Ending aggregate Advance Payments .............................................................. $ 1,271,658.06
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ADVANTA BUSINESS SERVICES CORP., AS SERVICER
BY: /s/ John Paris
TITLE: SR VP ___________________
DATE: 10-Jan-01